Yahoo board to pull all-nighter? Nope

Yahoo's board of directors have left the decision of who to negotiate a deal with for another day, leaving the question of a Microsoft merger "undecided," according to a report in the Wall Street Journal.

Update: This posting has been rewritten with an update on the Yahoo board status.

Waiting to hear how Yahoo's board meeting went Friday?

According to a report in the Wall Street Journal, it can be summed up in one word: "undecided."

Yahoo's advisers apparently came in and gave their two cents on option A and option B, according to the Journal. Those options, it seems, may be undergoing some potential tweaking, with the prospect of possibly adding new players to both .

Yahoo's board is debating whether to take Microsoft up on its unsolicited buyout offer (which could potentially later include News Corp. ) or team up with Time Warner's AOL and, possibly, Google, according to published reports in The New York Times and The Wall Street Journal.

Yahoo is looking to resolve the path it's going to choose, given that it faces a deadline within the next two weeks to do a deal with Microsoft, or face a potential proxy fight, exchange offer, and, possibly, a lower bid from Redmond.

While Yahoo was kind enough last month to extend the deadline for Microsoft , or any other shareholder, that wanted to name a slate of dissident directors, I wonder if Microsoft will do likewise for Yahoo, if it sits down at the table in the 11th hour.

According to the Times report, Yahoo's management is expected to schedule meetings with both Microsoft and Time Warner for next week.

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